KY REAL ESTATE EXAM COMPLETE
SOLUTIONS UPDATED 2024/2025 RATED
A+
Beginning - Advertisements that include an audiovisual presentation need to include
an audible announcement or written display of the required content at the
____________ of the advertisement
Inactive License - "Escrow" was replaced by this term when describing the status of
a license in holding
Amount of continuing education requited w/in 2 year period - 12 hours
75% - Score an applicant must get to become licensed
Suspended status of license - disciplinary action has been ordered against a
licensee that prohibits the brokerage of real estate for a specific period of time
National criminal records check - To go from inactive to active what is needed to be
submitted to KREC
License canceled b/c non-fulfillment of CE may be reactivated by paying how much?
- $1,000
$200 - E&O insurance can cost up to what $$$ amount?
Open Listing - entitles the broker to compensation only if his activites brings about
the desired result
$0 - What is the fee to change a licensee's home address
Agent - individual who is authorized to & consents to represent the interest of
another person
Implied Authority - agent's authority to do those things necessary and proper to
accomplish the express terms of the agency
5 years - How long must brokers deep documents
good faith, fair dealing, confidentiality - Duties owed to prospective clients
What does a listing create b/t seller & broker? - agency relationship
, As many as they want - How many brokers may an open listing property list with?
inactive - If a principle brokers license is canceled, suspended, or revoked all
affiliate licensee's will become what?
$10 - How much does it cost to open a brokerage?
Cooperation Agreement - written co-brokerage, referral, affiliation or other
agreement or arrangement b/t out-of-state principal broker & KY cooperating broker.
Timeshare - arrangement that someone acquires the right to use an occupy
property for a reoccurring block of time
exclusive buyer agency agreement - what is required for a guaranteed sales plan?
No - Do commercial properties require Agency Consent Agreement (Y/N)
SAFE Act - HUD passed this act to require mortgage loan originators to register
though a national database.
Class A misdemeanor - person engaging in real estae brokerage w/o a license is
guilty of "X" for 1st offense.
Class D felony - person engaging in real estate brokerage w/o license shall be
guilty of "X" for subsequent offesnes.
3 days - 3 days how many business days to change your mind after purchasing a
time-share?
freehold or estate for years - freehold or estate for years timeshares are also called
what type of estate?
Right of Recission - anyone purchasing a time-share has 3 business days to
change their mind
10 days. - how many days does the Commission allow a person who filed the
complaint to revise & supplement the complaint in order to cure any defect?
$100 or less - Closing gifts value are how much?
Light assembly property - type of industrial property that isn't as customized & may
be used for product assembly or storage
Categories of industrial properties - bulk warehouse, heavy manufacturing, light
assembly, & flex industrial.
auctioneer - Consignee is known as?
Seller - Consignor is known as?
SOLUTIONS UPDATED 2024/2025 RATED
A+
Beginning - Advertisements that include an audiovisual presentation need to include
an audible announcement or written display of the required content at the
____________ of the advertisement
Inactive License - "Escrow" was replaced by this term when describing the status of
a license in holding
Amount of continuing education requited w/in 2 year period - 12 hours
75% - Score an applicant must get to become licensed
Suspended status of license - disciplinary action has been ordered against a
licensee that prohibits the brokerage of real estate for a specific period of time
National criminal records check - To go from inactive to active what is needed to be
submitted to KREC
License canceled b/c non-fulfillment of CE may be reactivated by paying how much?
- $1,000
$200 - E&O insurance can cost up to what $$$ amount?
Open Listing - entitles the broker to compensation only if his activites brings about
the desired result
$0 - What is the fee to change a licensee's home address
Agent - individual who is authorized to & consents to represent the interest of
another person
Implied Authority - agent's authority to do those things necessary and proper to
accomplish the express terms of the agency
5 years - How long must brokers deep documents
good faith, fair dealing, confidentiality - Duties owed to prospective clients
What does a listing create b/t seller & broker? - agency relationship
, As many as they want - How many brokers may an open listing property list with?
inactive - If a principle brokers license is canceled, suspended, or revoked all
affiliate licensee's will become what?
$10 - How much does it cost to open a brokerage?
Cooperation Agreement - written co-brokerage, referral, affiliation or other
agreement or arrangement b/t out-of-state principal broker & KY cooperating broker.
Timeshare - arrangement that someone acquires the right to use an occupy
property for a reoccurring block of time
exclusive buyer agency agreement - what is required for a guaranteed sales plan?
No - Do commercial properties require Agency Consent Agreement (Y/N)
SAFE Act - HUD passed this act to require mortgage loan originators to register
though a national database.
Class A misdemeanor - person engaging in real estae brokerage w/o a license is
guilty of "X" for 1st offense.
Class D felony - person engaging in real estate brokerage w/o license shall be
guilty of "X" for subsequent offesnes.
3 days - 3 days how many business days to change your mind after purchasing a
time-share?
freehold or estate for years - freehold or estate for years timeshares are also called
what type of estate?
Right of Recission - anyone purchasing a time-share has 3 business days to
change their mind
10 days. - how many days does the Commission allow a person who filed the
complaint to revise & supplement the complaint in order to cure any defect?
$100 or less - Closing gifts value are how much?
Light assembly property - type of industrial property that isn't as customized & may
be used for product assembly or storage
Categories of industrial properties - bulk warehouse, heavy manufacturing, light
assembly, & flex industrial.
auctioneer - Consignee is known as?
Seller - Consignor is known as?
